“An Indiana financial manager who parachuted from a small plane in a suspected bid to fake his death handled lucrative accounts in several states for years despite repeated accusations that he was bilking investors. Regulators in at least three states were warned about Marcus Schrenker, in one case as early as 2002. But it took nearly seven years — and suspected losses reaching into the millions of dollars — before Indiana launched a criminal investigation of Mr. Schrenker….” (Washington Post, Tuesday)
A false sense of security is worse than none at all.
FEE Timely Classic
“The Poverty of Regulation” by Michael J. Catanzaro
